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20121101
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two-thirds of the u.s. economy. >>> what will a second term for president obama mean to the economy? will we see compromise or fall over the fiscal cliff? joining me are two former top presidential advisers. laura tyson, chair of the economic advisers then for president clinton and marty feldstein who held the same title under president reagan. laura, marty great to have you on the program. thank you for spending the time today. >> thahank you. >> good to be with you. >> marty, both sides appear to be extending an olive branch when with it comes to the fiscal cliff. do you think we will reach a compromise? and if so how and when? >> i hope so. the consequence of not reaching the compromise for t american and world economy next year would be disastrous. we would be talking about very deep recession if we went over the cliff and didn't quickly bounce back from it. >> laura, you think there is a two-part solution. what do you mean by that? >> we have the fiscal cliff an a need to get a long-run compromise plan on deficit reduction over the next decade. i think we have to be realistic,
revisions upward on the jobs number itself. overall, growth has been relative ly modest in the u.s. and that's reflected in the jobs number. this is an encouraging month. you never want to make too much out of any one month. >> i was surprised at the numbers. ed, what do you think? >> i think there are good things that each candidate can take out of it. obviously the fact the unemployment rate ticked up to something governor romney will emphasize, higher than when the president took office. that's the headline number. i agree with austan. the fact you had 171,000 jobs this month and i would add it is the trend for the pasten couple of months is higher, about 170,000 for fe the past couple of m months and that's a good sign. one thing i would say is while that is better than average, the number of jobss created per monh since the turnaround in early 2010 has been 140,000 a month so this is a little better than that. one disadvantage of that is you need 119,000 per month to keep with pace with population growth. a what this means is with 170,000 you are adding 50,000 per month. if you play it
of the american environmental defense fund. thank you for being here. they said the u.s. will be the largest global oil producer in 2020. this amazing. tell about the sea change in global energy floes today. >> it is great to have more american-made energy but not good enough. we need to modernize our energ grid. it's not good enough to be the best at producing energythe last century. we will spend a couple trillion dollars modernizing the grid. the question is how we do it. hopefully, we do it in a way that protects us from cybersecurity risks, that makes the grid more resilient from storms, that facilitates energy efficiency and renewable, cleaner energy in the future. >> it's interesting. i think we all want to be energy independent. we want -- and we know the country is rich in natural gas. for the most part people don't want it in my backyard. former ge ceo jack well. compared it to the nternet boom in terms of job creation and productivity increases. how do you balance it? how do you balance theeconomic boom weould see of fracking with the environmental impact? >> look, the economic a
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